The defining factor of a successful profitable business is happy customers who buy products or services and therefore create revenue for the business. You already know the fact that it is far easier & cheaper to generate revenue from existing customers than acquire new customers. This is a key reason for implementing a customer loyalty program.
Any great brand should aspire to attract and retain satisfied customers to drive continued revenue and conversions. A customer loyalty focus fosters trust between your brand and customers — when customers are encouraged to return to your company, they experience a higher level of value and satisfaction that is superior to the potential benefits they could get from a competitor.
Actually, shoppers spend more time and money with the companies they trust. Data shows that – when compared to new customers – loyal customers spend 67% more on products and services. These loyal customers might make up only 20% of your entire audience, but when they are properly engaged, they can provide up to 80% of your overall revenue.
It’s also 5x easier to retain an existing customer than it is to acquire a new one. By focusing on existing customers, you can encourage repeat purchases and increase the likelihood that those customers will spend more over their lifetime with your company.
It’s difficult to imagine any customer loyalty program without a personalized approach. It allows every client to feel special and cared for. To be at the right time with the right message, make use of segmentation. It will enable marketers to divide their mailing list into segments according to age, gender, geographic location, occupation, preferences, interests, engagement, and so on. Then, they craft different email campaigns with relevant offers to each group. This way, every subscriber receives what they want. SendPulse offers ready-to-use segments based on user activities.
You can measure loyalty by looking at customer behavior. Repeat customers make more purchases, stay customers for a long time, and make referrals. All of these things can be easily measured. So, here are the metrics for determining loyalty.
People are loyal for various reasons, but it’s relatively easy to group them into six distinct loyalty categories.
These customers like your products or services, have never complained, and probably have purchased from you numerous times. But your competitors can easily steal them: all it takes is a better deal, a discount, or the formation of a new relationship.
These customers are with you only because of low prices. If they can save money elsewhere, they’ll leave. If you offer the best price again, they’ll return. It’s pretty easy to keep this type of customer, but at a tremendous cost.
These customers are not loyal to your company or what you sell. They are loyal only to your loyalty program, and in many cases, only because your loyalty reward offers the best deal.
This person is loyal only because your brand is easy to communicate with, easy to find, and easy to purchase from. A convenience-loyal customer isn’t swayed by price: Convenience is what keeps them with you.
These customers are not drawn to your brand because of what you sell but because of other things you offer. Free Wi-Fi or infant changing tables or free inspections are some examples. Customers who are loyal to your freebies may buy from you only sporadically and don’t contribute heavily to your revenue stream.
These are your customer advocates. They repeatedly purchase from you, talk about their great experiences with your company, and send their friends and family to you.
Following about two years of research and model testing, we're proud to finally release Smart Signals ✨, small logical indocators that reflect the state of each account/user within a PLG motion. Leveraging Machine Learning 🤖, yet flexible enough to be altered by customers, they eventually shape the foundation for **automatically** detecting signups that are most likely to buy, to expand, or the churn.
Whether setting up workflows for freemium and trial signups to convert more, or for paying customers to be expanding towards a higher tier, or preventing to churn, being able to compare and optimise different workflows for maximum goal conversion is pretty much on every sales and CS leader’s list.
We’ve released Inbox, a place where each platform account/user that needs supervised intervention gets a case with to-do tasks and best-next actions. Built from the ground up for sales and customer success teams, they now have the power to orchestrate outreach throughout the entire organisation... the PLG way!
Changing the way you do business, case by case.
Detect which signups are most likely to buy. Sell more with less effort.
Automatically surface product qualified leads.
Prioritize PQLs call lists and engage with quick actions.
Add tasks and full PQL context to existing CRM and other engagement tools.
Automated sales playbooks and collaborative inbox.
Onboard. Monitor. Get expansion signals. Reduce churn, proactively. Grow.
Automatically detect churn & expansion candidates.
Accelerate onboarding and product adoption.
Align activities around 360° customer view, with health and onboarding scores.
Automated CS playbooks and collaborative inbox.
Build revenue workflows, based on how people use your product.
Use machine learning to uncover new sales opps.
Add slow accounts to nurturing campaigns.
Optimize engagement playbooks for maximum conversion.
Leverage any data without needing engineering.
See which impact your product features have on revenue and churn.
Analyse feature importance, usage and impact.
Build key product metrics without SQL, nor coding.
Easily create customer segments based on any product interaction.
Comply to GDPR and CCPA.
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